When a property owner allows a tenant to occupy space in his rental property then he charge rent from them. He makes a rental agreement that works for both the tenant and landlord and includes all the terms and conditions and rules to be followed by both. Apart from signing the lease agreement the tenant also has to pay advance money as a security deposit. A security deposit is the sum, that a tenant agrees to pay to the landlord before moving in to the rental unit. Usually it is based on the monthly rent.
What is the Purpose of Security Deposit?
The purpose of the security deposit as a landlord is that you are entrusting your investment property to the care of tenants and it is possible that many things can or do go wrong. Security deposits helps you for severe damages to your property, excessive wear and tear, unpaid rents and other problems. you may better know, What Is Security Deposit and How A Landlord Can Keep It?
If you were not collecting security deposits from tenants then you should start collecting it. It is refundable, so you need to not worry about that you are charging something extra from your tenant. Collecting security deposit has so many benefits for you like:
Tenants More Careful
When tenant pays you security deposit then they become extra careful. They then, take care of your property like their own as if they will make any damages then they will not get the full amount of security deposit.
Safeguard against Damages
When your tenants become careful then you don’t suffer any damages. You can actually save your property from damages by the deducting the damage cost from the security deposit hence it is a safeguard against damages and you will not suffer any loss. Tenants will not try not to make any damages even by mistake and will take care of the property.
Safeguard against Non-payment
Sometimes tenants fails to pay the rent on due date and some willing do it. You can use the security deposit as monthly rent and evict the tenants for not paying the rent on time.
You must include the security deposit in the lease agreement along with the terms and conditions that when and why you can keep the security deposit.
So, above are the benefits of collecting security deposit from your tenants and this is why you should collect it from them. If you are thinking that you are unable to handle all these or not well aware of the use of it then you can hire property management company in Baltimore that can assist you to manage your property and collecting and keeping the security deposit.
Renovating your rental property is essential for having quality tenants and increase the rental property income. Renovating is generally done when the tenants move out or move in. And it is expensive also. When the tenants move out you need to hire new tenants for your rental property and for that you have to paint your home, make repairs, etc. So, basically hiring new tenant is more expensive than maintaining the existing ones.
Before you decide your property to paint or renovate then there certain important things to consider to know whether there is a need to renovate your property or not:
This way you can see that whether you need to repair something or everything is just fine. Renovating can cost you a lot hence people prefer it do from year to year. And in case it is not very much necessary then you should also do it in every three years.
How often you should renovate or paint your rental property is completely a personal matter. Yes, you can decide whenever you want to paint or renovate your home but there are some other reasons also when you need to renovate your home like:
When tenants move in or out
when you are hiring new tenants the you surely want to look the home a brand new one. The tenants would like to stay longer if they find your property more attractive and beautiful. Even when your previous tenants move out from your house then you have to see that is there any thing that needs to be repaired. Clean your house and renovate it completely to attract new tenants.
Increase the property income
If you want to increase the property income then you must renovate your property with this you can attract high-quality tenants who will agree to pay a good rental charges for a beautiful and attractive house. For making your home attractive you have to paint the walls with vibrant colours, clean the house and make repair.
Protect your property
Apart from attractive potential tenants to pay a good rental amount you must be wanted to keep your rental property’s wall insulated and protected so for that you need to paint the walls. And renovate your property regularly.
So, it seems that renovating your rental property is very important and also you need to do it many times. But this can be really expensive and hectic task for you whether you are doing it by your own or hire professional property management company. However, it is said that the ideal time to do paint or renovate your house is three years. Well, you can renovate it on the basis of your requirements or needs.
When you will find the higher quality tenants for your property then there are few important things that you have to do before handover the keys to them and that is making a rental agreement and taking security deposits from the tenants. Security deposit is the sum of money that the tenant agrees to pay to the landlord before moving into his property. It is generally equal to the one or two month’s rental charge. There are many reasons to take security deposit from the tenants and some of the benefits are listed below:
Tenants more careful
When you take security deposits from the tenant then they become more careful about your property and keep it maintained. They will now not break the rules as mentioned in the rental agreement.
Safeguard against damages
You can deduct the repair or maintenance charges from the security deposit if the tenant will make severe damages to the property. So, they will be more careful about this to not to make any damages otherwise they have to pay the damage cost and the landlord has the full right to keep the security deposit.
Safeguard against non-payment of rent
Sometimes tenants fail to pay the rent or just refuse it to pay in that case you can evict the tenant and keep the security deposit.
These are the benefits of the security deposits but there are some laws that you must know as a landlord to keep the security deposit. You have to include the amount of security deposit in the rental agreement. And in some state it is also a rule that the landlord should give a receipt to the tenants when taking security deposit from them. You must know these things before taking security deposit from tenants.
There is no one rule for collecting security deposit in United States in fact it changes from state to state. You need to know your state law for collecting and keeping the security deposit. And also the reasons you can deduct amount from security deposit. In that case you should hire professional property management company that are well aware of the landlord tenants law. They will manage your property in legal way. You just need to find the right and reliable relocation company. If you reside in Baltimore or anywhere in USA so, for your rental or residential property you can hire maryland property management company who are professional and will manage your property in awesome way.
Managing a rental property is not as easy then buying it. You may invest a big amount for buying a rental property but is worthless until you manage the property in well condition. And here comes the role of the renters/tenants. People hire renters for their investment property who take utmost care of their property like their own. You can also be relaxed after giving your property to the tenants and they will enjoy occupying the property forever.
In the starting 2- 3 months everything seems fine and then reality comes crashing in. Instead of rent deposited directly in your account every month, there’s the tenant who refuses to pay the rent. You actually start facing troubles and arguments with your tenant and if the tenants are really stubborn who are not willing to leave the apartment then the things go serious and this may end up at the court. Hence, you have to be ready to face all these problems with remedies to solve them. And in this matter who can help you the best is none other than professional property management companies in Baltimore county. They are the experts who manages property so well that you don’t even need to look after your property any-more. They manage it like their own property and also hire higher-quality tenant for your rental property. But do you really need a one or you can manage it by yourself. Well, here are the prominent question you should ask to yourself to know whether you need a property management firm or not:
How far do you live?
The distance between your residence and the rental property is very much important to figured it out whether you need property manager or not. If you live far from your rental property then you may not visit your property frequently to manage the property. If you live close then you may be able to make regular visit to your property for inspection, maintenance, etc. otherwise the further you will live the higher you travel time and expenses will be.
How many units do you own?
The number of the units you own is another factor to determine whether or not you require property management firm. It is easy to manage one unit but you may not be able to manage two or more units or rental property.
Are much experience do you have?
Do you know who to call to fix the damages, overflowing taps, etc. If you are not experienced in managing the maintaining property then you may hire unexperienced handyman who does poor job. Professional property management firms have their own crew who are expert in maintaining and managing the property.
Whether or not you be able to manage your Baltimore residential or rental property still you should hire reliable property management company in Baltimore to manage your property in great way. And you should take a Prime Advantages of Hiring Property Management Company in Baltimore, county MD.
Renting a property is actually one amongst the toughest tasks for the owner. The property owner has to keep in consideration the legal as well as financial management, in order to attain higher rate of benefit of the property. Everything in the property need to be done under the jurisdiction. Tenants have many rights and this is a reason why the property owner needs to look out for the same when he is renting out his property to someone. One very common term that is heard random when it comes to property management is protected tenants. What is a protected tenant actually.
Government has given so much of rights to the tenants, which is good from their prospect as well. But sometimes, the liberty of one can become problem for others. Hence, it is required that a person should look out for the same while taking any sort of action. Protected tenants have more rights than other tenants and these all rights come into action when the land owner tries to evict them from the property. There are many means and classifications that surrounds a tenant in the category of protected tenant.
The first and the foremost important classification is age. The tenants on or above the age of 60 years come under the protected tenants. This means the land over cannot evict them out of the property without any solid reason. Other than this, if the tenant who are above the age of sixty years are living in the property for more than ten years then also one cannot evict him from the property. The another classification is the tenant with disability.
A person who is suffering from any sort of disability and have been living in the property for more than ten years then also he comes under the category of protected tenant. And the last clause is with the tenants with chronic illness. If a tenant is suffering from chronic illness and has been living in the property for more than five years then at that case also he will come under the category of protected tenant. These are just general synopsis of protected tenant. To be at the safest side it is required to take the assistance of professionals in the task. You can consult property management company in Baltimore for their much better assistance in the task that could help you to have the property at the safest side always and all the time.
Related Article – How to Work with a Reliable Property Management Company
Managing apartment building is actually one amongst the toughest tasks to handle. This is definitely a complicated business for the property owner and that too in the case if he is having a property is one amongst the renowned locations of USA Baltimore. As the city has many urgent and rent control laws that the landlord need to out for every single aspect whenever he desires to rent out his property. Tenants have got many rights here, hence the landlord really needs to be aware with each and every law. To be at the safest side always, taking the services of property management company in Baltimore for apartment management Maryland, is a great idea but this too in the case when you have multi residential property in Baltimore.
Landlords to have rights but it is necessary for them to know their rights as well. Landlords should make them familiar with the rent control laws and should be well aware with the same as well. The laws restrict the landlord from increasing rent every month and there are some other restrictions with respect to that as well. The third thing that the landlord need to take care is that they should take care of the demands and desires that have been made from the side of the tenant.
This is necessary because it would cost you the same as it will cost a week later but the time duration covered could hamper the image of your property. Hence, be regular on maintenance and repairs that would make your property outdated. However, this does not mean that your tenant should get whatever is their demands, but yes the genuine demands from their side should be catered well by you.
Handing a multi residential property in Baltimore is going to be one amongst the toughest tasks for you to handle and in order to do the things in well order, you should hire property management company in Maryland for the same. Just owning a property does not make you a good landlord but you have to put the best efforts from your side in order to be at the safest side always. Don’t forget the rules and try to do everything within the jurisdiction whether its filling the vacancy or eviction of tenant. Consider laws as the primer fact and them move forward because there could be nothing favourable than this for you.
Avinash Kumar is a passionate business analyst and writer. He loves writing on various topics especially on business related topics. Currently he is rendering his services to professional Real Estate, Maryland Rental and Property Management Company, that provides services of professional property management, rental management, tenants’ management, landlords, property maintenance and the best working area of property management in Anne Arundel and Baltimore County and other cities and counties of USA.
Sweet Charming Duplex located close to Major Shopping Centres of Glen Burnie & Severn. Easy Access to 97 and Interstates. Enjoy Summer fall Evenings on Large Deck and Two tier Large Fenced Yard. All Appliances are Bisque Coordinating Wall colors. Front Driveway can accommodate two car parking parked Back to Back. Nice Size Closets in Both Bedrooms . Large Full Finished Walkout level Basement.
Courtesy Of Taylor Properties
643 WESTPHALIA CT Glen Burnie,
- Listing Status: Active
- Year Built: 1986
- Floors: 3
- Full Bath: 1
- Half Bath: 1
- School District: QUARTERFIELD
- School District2: CORKRAN
- School District3: GLEN BURNIE
- School District: ANNE ARUNDEL COUNTY PUBLIC SCHOOLS
- County: Anne Arundel
- Taxes: $2,163.11
- Tax Year: 2017
- Subdivision: Parke West Add
- MLS Number:1003767855
Related Article – How Often a Landlord Should Visit His Residential Property in Baltimore
Reference Link – https://www.localguidesconnect.com/t5/General-Discussion/Amazing-Dreams-Properties-in-Baltimore-Maryland/m-p/530448#M146355